Got thinking recently about the turmoil in the sub-prime and housing
market and the slower than expected build out in Asbury due to
Partners moving slower than expected. Might actually be a blessing
in disguise. Had Partners moved fast and 3100 condo's were built,
most of them would have been occupied by speculators and flippers
who would now be looking to sell those properties (i know the city
would have had tax revenue sooner etc... but the buyng would have
been somewhat artificial). Because Partners was much slower than
expected we now have Madison Marquette running major parts of this
project (clearly a positive) and the condo's are going up at a more
measured pace that can be absorbed in a healthier fashion. People
who are buying now actually want to live here and i view that as a
positive. Also a slightly slower pace of development allows for
changes and adjustments to get the best possible result.
Contrary to the headlines, we are not going to go into a financial
tailspin due to the housing situation. Clearly it will impact
economic growth and make it more moderate and those who levered
themselves will be in trouble. For the vast majority things will be
business as usual and as Asbury continues to improve the slow steady
progress that is now becoming apparent (due to MM) will continue.
Dan S
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